Axis ELSS- Tax Saver Fund vs ICICI Prudential Flexi Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Axis ELSS- Tax Saver Fund is an ELSS fund and ICICI Prudential Flexi Cap Fund is a Flexi Cap fund. In the 3 years to 30-10-2026, Axis ELSS- Tax Saver Fund (Direct) returned 10.7% a year and ICICI Prudential Flexi Cap Fund (Direct) returned 15.2% a year. Axis ELSS- Tax Saver Fund charges 1.05% a year and ICICI Prudential Flexi Cap Fund 0.88% (Direct plans). Their portfolios overlap 39.7%: they hold 25 of the same securities.
Axis ELSS- Tax Saver Fund
ELSS
- 3 year return
- 10.7%
- Expense ratio
- 1.05%
- NAV
- ₹106.82
ICICI Prudential Flexi Cap Fund
Flexi Cap
- 3 year return
- 15.2%
- Expense ratio
- 0.88%
- NAV
- ₹20.79
Which is better, Axis ELSS- Tax Saver or ICICI Prudential Flexi Cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- ICICI Prudential Flexi Cap returned more over 5 years: 13.9% a year against 5.3%.
- ICICI Prudential Flexi Cap returned more over 3 years: 15.2% a year against 10.7%.
- ICICI Prudential Flexi Cap costs less: 0.88% a year against 1.05% (Direct plans).
- Axis ELSS- Tax Saver swung less over 3 years: a standard deviation of 13.3% a year against 14.2%.
- ICICI Prudential Flexi Cap fell less in its worst fall since 19-07-2021: −19.7% against −28.0%.
- Axis ELSS- Tax Saver is the larger fund: ₹30,269 Cr against ₹25,141 Cr.
- Their portfolios overlap 39.7%: 25 of the same holdings.
Past returns do not promise future returns. This page is information, not investment advice.
Key facts
From each fund's scheme summary document and AMFI
| Fact | Axis ELSS- Tax Saver Fund | ICICI Prudential Flexi Cap Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | ICICI Prudential Mutual Fund |
| Category | ELSS | Flexi Cap |
| AUM | ₹30,269 Cr (30-09-2026) | ₹25,141 Cr (30-09-2026) |
| NAV | ₹106.82 (Direct) | ₹20.79 (Direct) |
| Expense ratio (Direct) | 1.05% | 0.88% |
| Expense ratio (Regular) | 1.76% | 1.73% |
| Riskometer | Very High | Not available |
| Benchmark | Nifty 500 TRI | BSE 500 TRI |
| Launch date | 29-12-2009 | 17-07-2021 |
| Minimum investment | ₹500 | ₹5,000 |
| Lock in | 3 years | None |
| Fund managers | Shreyash Devalkar Mr. Ashish Naik | Rajat Chandak, Sharmila D’silva |
| Exit load | Nil | 1 % of applicable Net Asset Value If the amount sought to be redeemed or switch out within 1 month from allotment. Nil If the amount sought to be redeemed or switched out more than 1 month. |
Axis ELSS- Tax Saver vs ICICI Prudential Flexi Cap: Returns Comparison
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| Axis ELSS- Tax Saver Fund (Direct) | +1.20% | −3.48% | +1.46% | −4.51% | +10.74% | +5.27% | +11.72% |
| ICICI Prudential Flexi Cap Fund (Direct) | −1.14% | −3.84% | +4.58% | −0.86% | +15.20% | +13.89% | -- |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | +13.05% |
| Flexi Cap average | −1.62% | −4.17% | +1.00% | −3.58% | +12.37% | +10.04% | -- |
Category average: the average of the 50 ELSS funds and the 46 Flexi Cap funds, same plan type.
Axis ELSS- Tax Saver vs ICICI Prudential Flexi Cap: Year-wise Returns
| Year | Axis ELSS- Tax SaverAxis ELSS- Tax Saver | ICICI Prudential Flexi CapICICI Prudential Flexi Cap |
|---|---|---|
| 2026to date | −3.10% | −0.29% |
| 2025 | +5.15% | +10.61% |
| 2024 | +18.30% | +22.40% |
| 2023 | +22.89% | +29.30% |
| 2022 | −11.23% | +10.38% |
| 2021 | +25.60% | -- |
Axis ELSS- Tax Saver vs ICICI Prudential Flexi Cap: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of Axis ELSS- Tax Saver Fund
Rolling returns
Every 3-year holding period, 571 of them, one for each trading day from 19-07-2024 to 30-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
Axis ELSS- Tax Saver Fund (Direct)
ICICI Prudential Flexi Cap Fund (Direct)
Nifty 500 TRI
to
Sept 2024Feb 2022
to
Feb 2025Jul 2022
to
Jul 2025Nov 2022
to
Nov 2025Apr 2023
to
Apr 2026Aug 2023
to
Aug 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Axis ELSS- Tax Saver | 0.0 | 0.0 | 24.7 | 52.9 | 22.4 | 0.0 | 0.0 | 12.5% | 12.4% | 6.0% | 19.8% | 7% |
| ICICI Prudential Flexi Cap | 0.0 | 0.0 | 0.0 | 2.7 | 48.3 | 49.0 | 0.0 | 19.8% | 19.9% | 13.8% | 24.9% | 100% |
| Nifty 500 TRI | 0.0 | 0.0 | 3.3 | 33.5 | 56.2 | 7.0 | 0.0 | 15.7% | 15.6% | 8.8% | 22.3% | -- |
The table shows the % of periods in each return band; a darker cell holds more of them. Lumpsum: the yearly rate (CAGR) from a period's first NAV to its last. SIP: the XIRR of the monthly instalments. The benchmark is Nifty 500 TRI, over the same periods. "Beat benchmark" counts the periods in which the fund did better. Every fund is measured over the days all of them have, from 19-07-2021. Past returns do not promise future returns.
Axis ELSS- Tax Saver vs ICICI Prudential Flexi Cap: SIP and Lumpsum Returns
What the same monthly or one-time investment would be worth in each fund today, from their own NAV history
Growth of an investment
₹10,000 on the first trading day of every month, from 01-07-2021 to 30-10-2026: 64 instalments, ₹6,40,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Axis ELSS- Tax SaverAxis ELSS- Tax Saver Fund (Direct) | ₹6,40,000 | ₹7,74,980 | ₹1,34,980 | 7.1% |
| ICICI Prudential Flexi CapICICI Prudential Flexi Cap Fund (Direct) | ₹6,40,000 | ₹9,13,492 | ₹2,73,492 | 13.3% |
Axis ELSS- Tax SaverAxis ELSS- Tax Saver Fund (Direct)
ICICI Prudential Flexi CapICICI Prudential Flexi Cap Fund (Direct)
Amount invested
From each plan's published NAV (Growth option), over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.
Axis ELSS- Tax Saver vs ICICI Prudential Flexi Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Axis ELSS- Tax Saver Fund (Direct) | ICICI Prudential Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −4.51% | −0.86% |
| Standard deviation | 14.43% | 15.71% |
| Sharpe ratio | -0.68 | -0.39 |
| Sortino ratio | -0.91 | -0.54 |
| Maximum drawdown | −14.1% (31-03-2026) | −15.1% (23-03-2026) |
| Beta | 0.99 | 1.04 |
| Alpha | +2.66% | +7.32% |
From daily NAVs, 30-10-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | Axis ELSS- Tax Saver Fund (Direct) | ICICI Prudential Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.74% | +15.20% |
| Standard deviation | 13.35% | 14.22% |
| Sharpe ratio | 0.35 | 0.65 |
| Sortino ratio | 0.49 | 0.91 |
| Maximum drawdown | −16.5% (28-02-2025) | −19.7% (28-02-2025) |
| Beta | 0.90 | 0.94 |
| Alpha | +0.96% | +5.55% |
From daily NAVs, 30-10-2023 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | Axis ELSS- Tax Saver Fund (Direct) | ICICI Prudential Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.27% | +13.89% |
| Standard deviation | 14.16% | 13.67% |
| Sharpe ratio | -0.04 | 0.59 |
| Sortino ratio | -0.05 | 0.83 |
| Maximum drawdown | −26.5% (17-06-2022) | −19.7% (28-02-2025) |
| Beta | 0.93 | 0.90 |
| Alpha | −3.32% | +5.52% |
From daily NAVs, 29-10-2021 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | Axis ELSS- Tax Saver Fund (Direct) | ICICI Prudential Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.25% | +14.86% |
| Standard deviation | 15.06% | 13.40% |
| Sharpe ratio | 0.61 | 0.69 |
| Sortino ratio | 0.84 | 0.97 |
| Maximum drawdown | −33.5% (23-03-2020) | −19.7% (28-02-2025) |
| Beta | 0.89 | 0.89 |
| Alpha | +3.18% | +5.03% |
From daily NAVs, 02-01-2013 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
Drawdowns
How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.
Axis ELSS- Tax Saver Fund (Direct)
ICICI Prudential Flexi Cap Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Axis ELSS- Tax Saver Fund (Direct) | −28.0% | 14-10-2021 | 17-06-2022 | 18-12-2023 | 18 months | −6.0% |
| ICICI Prudential Flexi Cap Fund (Direct) | −19.7% | 27-09-2024 | 28-02-2025 | 17-09-2025 | 7 months | −7.3% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 19-07-2021, the first day every fund has.
Rolling standard deviation
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Axis ELSS- Tax Saver Fund (Direct)
ICICI Prudential Flexi Cap Fund (Direct)
Nifty 500 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Axis ELSS- Tax Saver Fund (Direct)
ICICI Prudential Flexi Cap Fund (Direct)
Nifty 500 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Axis ELSS- Tax Saver Fund (Direct)
ICICI Prudential Flexi Cap Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Axis ELSS- Tax Saver Fund (Direct) | 93% | 107% | 6.04% |
| ICICI Prudential Flexi Cap Fund (Direct) | 103% | 80% | 4.84% |
From month-end values since 19-07-2021. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.
Axis ELSS- Tax Saver vs ICICI Prudential Flexi Cap: Portfolio Overlap
From each fund's latest monthly portfolio: Axis ELSS- Tax Saver Fund, September 2026; ICICI Prudential Flexi Cap Fund, September 2026
Holdings in common
- Overlap
- 39.7%
- Held by both
- 25
- Only in Axis ELSS- Tax Saver
- 46
- Only in ICICI Prudential Flexi Cap
- 55
| Security | % of Axis ELSS- Tax Saver | % of ICICI Prudential Flexi Cap |
|---|---|---|
| ICICI Bank Limited | 6.89% | 6.90% |
| Eternal Limited | 3.35% | 3.73% |
| HDFC Bank Limited | 6.09% | 3.12% |
| Axis Bank Limited | 2.73% | 3.08% |
| Mahindra & Mahindra Limited | 2.42% | 3.46% |
| Bharti Airtel Limited | 4.45% | 2.42% |
| State Bank of India | 2.32% | 1.94% |
| Infosys Limited | 1.65% | 2.03% |
| Kotak Mahindra Bank Limited | 2.47% | 1.58% |
| Sona BLW Precision Forgings Limited | 1.56% | 2.08% |
| InterGlobe Aviation Limited | 1.46% | 1.86% |
| Apar Industries Limited | 1.33% | 1.28% |
| Tata Motors Ltd | 1.26% | 1.51% |
| PB Fintech Limited | 1.22% | 1.45% |
| PI Industries Limited | 1.31% | 1.10% |
| TVS Motor Company Limited | 1.03% | 9.51% |
| Larsen & Toubro Limited | 2.70% | 1.02% |
| Radico Khaitan Limited | 0.64% | 0.70% |
| Sun Pharmaceutical Industries Limited | 1.61% | 0.62% |
| UltraTech Cement Limited | 2.36% | 0.62% |
| HCL Technologies Limited | 0.82% | 0.55% |
| Rubicon Research Limited | 0.48% | 0.79% |
| Tata Steel Limited | 0.93% | 0.39% |
| Tata Consultancy Services Limited | 1.78% | 0.33% |
| Cholamandalam Investment and Finance Company Ltd | 2.25% | 0.09% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 39.7% means 39.7% of each fund's money sits in positions the other also holds. Matched by ISIN. Cash and hedged positions are left out.
Largest holdings only in Axis ELSS- Tax Saver Fund
| Security | % of fund |
|---|---|
| Bajaj Finance Limited | 3.35% |
| Divi's Laboratories Limited | 2.74% |
| Pidilite Industries Limited | 2.42% |
| Titan Company Limited | 1.88% |
| Reliance Industries Limited | 1.74% |
Largest holdings only in ICICI Prudential Flexi Cap Fund
| Security | % of fund |
|---|---|
| Maruti Suzuki India Ltd. | 4.48% |
| Avenue Supermarts Ltd. | 4.18% |
| Lenskart Solutions Ltd. | 2.36% |
| Samvardhana Motherson International Ltd. | 2.27% |
| RR Kabel Ltd. | 2.24% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis ELSS- Tax Saver | ICICI Prudential Flexi Cap |
|---|---|---|
| Equity | 97.9% | 97.2% |
| Debt | 0.0% | 0.5% |
| Cash and others | 2.1% | 2.3% |
Market cap of stocks
| Market cap | Axis ELSS- Tax Saver | ICICI Prudential Flexi Cap |
|---|---|---|
| Large Cap | 68.0% | 61.1% |
| Mid Cap | 21.1% | 12.6% |
| Small Cap | 7.4% | 23.0% |
| Not on AMFI's list | 1.4% | 0.4% |
Share of the whole fund. Groups follow AMFI's latest list: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Largest sectors
| Sector | Axis ELSS- Tax Saver | ICICI Prudential Flexi Cap |
|---|---|---|
| Banks | 22.2% | 16.6% |
| Automobiles | 5.7% | 18.2% |
| Retailing | 5.1% | 11.8% |
| Pharmaceuticals & Biotechnology | 7.7% | 2.7% |
| Consumer Durables | 1.9% | 7.3% |
| Auto Components | 3.5% | 6.8% |
| Finance | 6.3% | 0.5% |
| IT - Software | 4.9% | 0.0% |
| It - Software | 0.0% | 3.8% |
The six largest sectors of each fund's stocks, % of the fund.
Axis ELSS- Tax Saver vs ICICI Prudential Flexi Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis ELSS- Tax Saver Fund | ICICI Prudential Flexi Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.05% | 0.88% |
| Base expense ratio (Direct) | 0.74% | 0.65% |
| Total expense ratio (Regular) | 1.76% | 1.73% |
| Base expense ratio (Regular) | 1.35% | 1.38% |
The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, transaction costs, and levies with GST.
More comparisons
Each fund against the others of its category
Compare Axis ELSS- Tax Saver with
Axis ELSS- Tax Saver Fund vs ICICI Prudential Flexi Cap Fund: Frequently Asked Questions
What is the difference between Axis ELSS- Tax Saver Fund and ICICI Prudential Flexi Cap Fund?
Axis ELSS- Tax Saver Fund is an ELSS fund, ICICI Prudential Flexi Cap Fund is a Flexi Cap fund, run by Axis Mutual Fund and ICICI Prudential Mutual Fund. Their portfolios overlap 39.7%. Axis ELSS- Tax Saver Fund charges 1.05% a year and ICICI Prudential Flexi Cap Fund 0.88%.
Which has given higher returns, Axis ELSS- Tax Saver Fund or ICICI Prudential Flexi Cap Fund?
Over 1 year: Axis ELSS- Tax Saver Fund −4.51%, ICICI Prudential Flexi Cap Fund −0.86%. Over 3 years: Axis ELSS- Tax Saver Fund +10.74% a year, ICICI Prudential Flexi Cap Fund +15.20% a year. Over 5 years: Axis ELSS- Tax Saver Fund +5.27% a year, ICICI Prudential Flexi Cap Fund +13.89% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Axis ELSS- Tax Saver Fund or ICICI Prudential Flexi Cap Fund?
ICICI Prudential Flexi Cap Fund charges less: 0.88% a year against 1.05%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Axis ELSS- Tax Saver Fund and ICICI Prudential Flexi Cap Fund overlap?
39.7%. They hold 25 of the same securities, the largest shared ones being ICICIBANK, ETERNAL, HDFCBANK. From each fund's latest monthly portfolio.
Which is better for SIP, Axis ELSS- Tax Saver Fund or ICICI Prudential Flexi Cap Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,33,001 in Axis ELSS- Tax Saver Fund (XIRR 7.2% a year) and ₹8,52,236 in ICICI Prudential Flexi Cap Fund (XIRR 13.1% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Axis ELSS- Tax Saver Fund and ICICI Prudential Flexi Cap Fund?
Yes. 39.7% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Axis ELSS- Tax Saver Fund and ICICI Prudential Flexi Cap Fund?
Axis ELSS- Tax Saver Fund: Shreyash Devalkar Mr. Ashish Naik. ICICI Prudential Flexi Cap Fund: Rajat Chandak, Sharmila D’silva.
Sources: NAV and expense ratio from AMFI. Holdings from each fund house's monthly portfolio statement. Fund facts from each scheme summary document.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.